Section 58

on an annual basis, appoint an auditor and obtain the approval of the Authority to such appointment; and

where, for any reason, the auditor ceases to act for the bank, as soon as practicable thereafter, appoint another auditor and obtain the approval of the Authority to such appointment.

if the bank fails to appoint an auditor; or

if it considers it desirable that another auditor should act with the auditor appointed under subsection (1),and may at any time fix the remuneration to be paid by the bank to that auditor.

to carry out, for the year in respect of which the auditor is appointed, an audit of the accounts of the bank; and

to —

in the case of a bank incorporated in Singapore, make a report in respect of its latest financial statements or, where the bank is a parent company for which consolidated financial statements are prepared, consolidated financial statements, in accordance with section 207 of the Companies Act 1967; or

in the case of a bank incorporated outside Singapore, make a report on its latest annual balance sheet and profit and loss account together with any notes thereon showing the assets and liabilities and profit or loss arising out of the bank’s operations in Singapore which complies with section 207 of the Companies Act 1967.

a duty to submit such additional information in relation to the auditor’s audit as the Authority considers necessary;

a duty to enlarge or extend the scope of the auditor’s audit of the business and affairs of the bank;

a duty to carry out any other examination or establish any procedure in any particular case;

a duty to submit a report on any of the matters mentioned in paragraphs (b) and (c).

direct the bank to remove the auditor; and

direct the bank to appoint another auditor approved by the Authority, as soon as practicable after the removal,and the bank must comply with the directions.

there has been a serious breach or non‑observance of the provisions of this Act or that otherwise a criminal offence involving fraud or dishonesty has been committed;

in the case of a bank incorporated in Singapore — losses have been incurred which reduce the capital funds of the bank by at least 50%;

serious irregularities have occurred, including irregularities that jeopardise the security of the creditors of the bank;

the auditor is unable to confirm that the claims of creditors of the bank are still covered by the assets; or

any development has occurred or is likely to occur which has materially and adversely affected, or is likely to materially and adversely affect, the financial soundness of the bank,the auditor must immediately report the matter to the Authority.

any information mentioned in subsection (5)(a) or report mentioned in subsection (5)(d);

any of the matters mentioned in subsection (8); or

any information in support of that matter,the disclosure is not to be treated as a breach of any restriction on the disclosure imposed by any law, contract or rules of professional conduct, and the auditor is not liable for any loss arising from the disclosure or any act or omission as a result of the disclosure.